Slide 1: Bomboré: Building Burkina Faso's Next Gold Mine
NS OREZONE Bombore Building Burkina Faso’s Next Gold Mine August 2021 TSX.V: ORE OTCMKTS: ORZCF
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of applicable U.S. securities laws (together, the “forward-
Slide 3: Orezone: 2021 To Date
Orezone: 2021 To Date first gold in Q3-2022 Bomboré — Building Burkina Faso's Next Gold Mine 01 02 03 04 05 06 Announced a US$189M finance package to fund Bomboré to production Announced a US$715M Silver Stream to fund exploration Lycopodium selected as EPCM contractor - same team that built Perseus
Slide 4: Burkina Faso: An Established Gold Mining Jurisdiction
Burkina Faso: An Established Gold Mining Jurisdiction 01 02 03 Supportive mining jurisdiction ® 15 producing gold mines ~ Majority built on/ahead of schedule and on/under budget *& Strong support from local community and Government officials “10Moz gold within 15km of Bomboré * West African Resource
Slide 5: West African Gold Projects Surpass Expectations
West African Gold Projects Surpass Expectations Projects in West Africa have a long history of being built ahead of schedule and under budget Lycopodium projects in West Africa reach design throughput in “30 Days on average and exceed nameplate capacity post commissioning West African Projects Lycop
Slide 6: On-Track for First Gold in Q3-2022
On-Track for First Gold in Q@3-2022 Project is on-budget and on-schedule despite * Current cost pressures in the industry * T&L remaining tight and costly Mining is well-advanced * Costs are competitive and efficient * Mining rate of 40,000 tod Fixed rate LOM LNG/Solar power supply * No upfront capi
Slide 7: Bomboré Construction
NS OREZONE Bomboré Construction
Slide 8: Bomboré Construction Nobsin Bridge
Bomboré Construction Nobsin Bridge Topsoil Stockpile
Slide 9: Off Channel Reservoir Mining
Off Channel Reservoir Mining | Bomboré — Building Burkina Faso’s Next Gold Mine
Slide 10: HHI
HHI iy tH AK q | Bomboré - Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 11: Construction Timeline
Construction Timeline Oxide Construction Timeline Regular Corporate Updates EPCM Site Preparation Earthworks OCR Mining and Development Frequent Construction Tailings Storage Facility Videos Process Plant Construction OCR Fill Commissioning First Gold Pour Q@3-2022 Process Plant Ramp-Up First Gold P
Slide 12: Exploration & Expansion Potential
NS OREZONE Exploration & Expansion Potential
Slide 13: Overview of Exploration Potential
Overview of Exploration Potential The primary objective of previous drilling at Bomboré was to bring the main shear zone to the Proven and Probable category to support a feasibility study and subsequent project financing in a cost-effective manner With the project financing now in place, the company
Slide 14: Near Surface High-Grade Mineralization at P17 Trend
Near Surface High-Grade Mineralization at P17 Trend ®& Drilling into the untested Gap between P17S NE and P17 extends strike length of mineralization over 600 m * 50 m of 1.40 g/t gold, including 3 m of 8.89 g/t gold into the untested gap & Drilling returns best hole to-date at P17S NE * 32m of 3.87
Slide 15: Near Surface High-Grade Mineralization at P17 Trend
Near Surface High-Grade Mineralization at P17 Trend P17S NE Extension Area: Section 730250 - Looking West 2021 P17S NE “600 m mineralized trend outside of current reserves i HE id at rin 3019 Fea ibility Study Pit outine IH oe | ce M 13434 | WW poo Au g/t f | Shallowly plunging Oo Geet ore shoots co
Slide 16: Infill Drilling
Infill Drilling ~~ Multiple opportunities throughout the project to convert inferred resources near the pit bottom to M&l through additional drilling Current reserves are based on US$1,200/oz gold ¢ Current resources based on US$1,400/oz gold * Inferred resources cannot be included in a mine plan ~
Slide 17: Previous Drill Results Below Existing Reserve Pits
Previous Drill Results Below Existing Reserve Pits 7 el P m m SIGA EAST BBC2329 BBDO246 BBDO450 BBC4555 BBDO241 BBC4788 iv] o ° ay SIGA SOUTH BBD0647 BBDO'181 BBDO182 BBDO183 BBDO178 BBDO179 BBDO174 BBDO170 BBDO167 o oO ia) x a fo) a MAGA HILL BBDO904 BBDO803 BBDO803 BBDO133 BBD0878 BBDO136 Bomboré
Slide 18: Oxide Plant and Sulphide Circuit Expansion
SS Le ¥ ; _ et SLs — STAGE 1: Oxide Plant ROOM TO EXPAND SULPHIDE CIRCUIT STAGE 2: Sulphide Circuit Oxide plant capacity of 5.2Mtpa * Oxide feed reduced to 3.0Mtpa upon commissioning of the sulphide circuit Sulphide circuit capacity of 2.2Mtpa * Expandable capacity to 4.0Mtpa with the addition of a
Slide 19: Value Proposition
NS OREZONE Value Proposition
Slide 20: Bomboré Economics
Bomboré Economics +13 years Mine Life 1.6Moz LOM Gold Production — 133.8ko0z/year first 10 years AISC®) of $672/oz first 10 years Capital Cost Phase | Oxide $153M Phase II Sulphide Expansion $63.2M ® Discounted to the planned start of commercial production BASE CASE $1,300/oz Au After-Tax NPVs¢, Aft
Slide 21: Re-Rate Opportunity
Re-Rate Opportunity Lifecycle of a Junior Mining Company Relative Value EXPLORATION DEVELOPMENT MINING High Risk - H fh Potential Value + Lowered Risk Re-Rating Optimal Investing Stages RS OREZONE Feasibility Construction & Start-Up Operations Concept 21 Project execution is key to a re-rate ¢ Lycop
Slide 22: Share Price Performance During Construction
Share Price Performance During Construction Share Price Performance of Single Asset Development Companies During Construction 300% West African Resources 275% Commercial Production g 250% June 2020) E 225% 2 200% @ 175% 9 2 150% © 125% Roxgold Declares 5 Commercial Production 8 100% (October 2016) g
Slide 23: Value Proposition
Value Proposition Market Cap/NPV" 1.40 1.20 1,00 0.80 0.60 040 - a af Bluestone Perpetua” Integra Rio2 Sabina™ Orezone Pure Gold” Victoria Gold”! Ascot war?) Orla Orezone is Currently Trading at a Discount to its Emerging Developer Peers on a Market Cap/NPV Basis Based on company disclosure for NPV
Slide 24: Our Community, Our Commitments
NS OREZONE Our Community, Our Commitments
Slide 25: Livelihood Restoration Programs
Livelihood Restoration Programs * Market gardens developed - agronomist hired - additional gardens being developed & Specialty cash crops developed - spices, shea butter & Chicken farming, goat breeding and weaving commenced - successful and profitable & Reclamation including tree and shrub plantati
Slide 26: Phase I RAP - Construction Completed
Phase | RAP - Construction Completed | Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 27: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure (as at June 3: 02: Shares Issued 323,533,806 Shares Fully Diluted 364,697,756 Warrants (ORE.WT:TSX.V; CAD$0.80) 17,784,450 Options (CAD$0.30 - $1.05) 20,943,500 Restricted Share Units 2,038,000 Deferred Share Units 398,000 Cash (debt undrawn)(u
Slide 28: Upcoming Milestones
28 VY) a > < _ < O Bomboré - Building Burkina Faso’s Next Gold Mine Commenced Pre-Production Mining Commenced Sitewide Earthworks Awarded LOM LNG/Solar Power Contract Additional Exploration Drilling Resource Update Expansion and Optimization Studies Pour First Gold Q3-2022 NS OREZONE
Slide 29: A Clear Path to Value Re-rating
A Clear Path to Value Re-rating Fully Funded Project Construction Experienced Management Team and Contractors Competitive Cost of Capital Strong Management Team with Extensive Construction Experience Established Early Debt Package that Preserves Equity Value Maintain Flexibility for Additional Expan